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Streamline Business Operations with Virtual Merchant Accounts

by | Mar 19, 2021 | Uncategorized | 0 comments

Virtual Merchant Accounts
Grab the trend for having more traffic to your business today. Use Streamline Business Operations with virtual merchant accounts as the most crucial and easier way to proceed with your payments. A virtual merchant account is a big help to proceed with the process of doing your customer’s payment easily.
Without any interference, you can use the virtual merchant account for your business to get the payments compass for your products. This means it is able to process payments at point-of-sale and online as well as accepting diverse payment methods. Streamlining your business operations with virtual merchant accounts not only encourages and supports greater spending but also boosts your customer base. Apart from all this, it merges your backend and front end to create an easy-to-navigate financial business center.

Merchant Accounts

How to apply for your virtual terminal merchant account?

Applying for a virtual terminal merchant account is a straightforward process. To apply for this, you simply need to apply along with the supporting documentation about your company. Application is always free with no constraint and virtual merchants are generally approved in 1-3 days. The supporting documents that one needs while applying for a merchant account are – a color copy of the ID for the signer on the account, a recent bank statement, a processing history, voided check from a depository bank account, etc.

Be sure that the signer on the account has a good personal credit history. If your credit is not good, consider adding a co-signer with a good credit history that will benefit you in getting the account approved. Once the application package is received, the underwriting team authenticates the information on the application form.
Then, the supporting documents are reviewed. Processing statements are inspected with an eye to chargebacks. If your chargebacks are low, that is great. But, if the chargebacks are rising, include a short explanation as to the reason and what is being done to bring them under control. Bank statements are reviewed to confirm that you have enough money in your business bank account to support the processing volumes being requested.

If you have a website, go through the website and confirm whether all pages are displaying properly or not. The information displayed in this is such as privacy, returns, shipping, customer service contacts, etc. For virtual merchants without websites, various services may include such as marketing materials, pricing lists, samples of sales agreements, etc. In this way, the underwriting team will understand what is being sold and the terms associated with the purchase. Underwriters periodically conduct internet searches for reviews on a company or owners. Most companies do not have perfect reviews.

How to protect your virtual terminal merchant account?

To protect your virtual terminal merchant account, you require to follow certain steps such as –

  • Use address verification – Make it a standard practice to match addresses with the ones associated with the card.
  • Get the CVV code – One can get the CVV code from the back of the card. CVV may an individual confirm that the customer has the card in hand when making a payment.
  • Verification – Record telephone verifications of payments and accumulate them until chargeback periods have passed. For mail orders, one needs to place the order form for customers to sign authorizing the payment.
  • Change password – One needs to change the password regularly. Give your employees access only to the functions imperative to do their job. Internal security is one of the best protection against data breaches.
  • Enable features – When the virtual account is endorsed, the implementation team will benefit you to compose your virtual terminals to complete order entry successfully at the lowest processing rates available.

Why choose 5 Star processing for your Virtual Terminal Merchant Account?

Below are some of the reasons why businesses choose to work with 5 Star Processing such as –

  1. Free application with no obligation – Our primary mission is to procure services such as the lowest rates, fastest approvals, and best terms.
  2. Extensive banking network – Authorize a single virtual merchant account or transform processing among multiple banks to alleviate risk.
  3. High-volume merchant account professional – Get the processing capacity prerequisite to accommodate your business growth.
  4. Level 1 PCI DSS Moto Payment gateway – This may safeguard your business against data breaches. Because it helps to protect sensitive card information and ensure compliant processing.
  5. Super customer service – We have highly trained representatives dedicated to your total satisfaction.
  6. Chargeback management tools – Proven methods to prevent and fight chargebacks.
  7. Fraud prevention tools – Get more good orders and decline the bad ones. Set aside questionable transactions for review.

Virtual Merchant account

Conclusion

What do high businesses do when they do not qualify for standard virtual merchant accounts? Many companies pay higher rates, incur transaction limits, and are subject to scrupulous terms and conditions. Our suggestion to high-risk business owners is to try out virtual merchant services from eminent companies such as 5 Star Processing.

Companies like this in high-risk merchant accounts, but censure way less than their competitors. If you are having difficulties in procuring a standard merchant but cannot afford high-risk merchant account fees, 5 Star Processing is a great way to leverage your business while keeping costs down and customer satisfaction.